Highlights

• Self-certification based compliance system in respect of nine labour and environment laws introduced for start-up
business.

• No inspection for three years of start-up businesses in respect of labour, environment law compliance post self-certification

• 80 percent reduction in patent fee for start-up businesses

• A dedicated fund with Rs 10,000 crore corpus will be created for funding of start-ups

• Start-ups to get three-year income tax holiday

• Capital gains tax to be exempted for venture capital investments

18:57 (IST)

Start up movement should not be guided by money or fame, says PM Modi

Prime Minister Narendra Modi starts off on a lighter note. This has to quite refreshing to all the participants who are by now probably tired after a day-long session of brainstorming.

"Today it is Saturday. Government offices are usually on holiday mode. After 6 pm there is no question of it. If someone asks me where is the difference? Here it is," said Modi with the gathering responding with a roar of laughter.

"Today's gathering is not to tell us what to do. You have to tell us what the government should not do," the PM said. And the response is as expected -- reverberating and loud burst of laughter in that massive Vigyan Bhavan auditorium.

"I had spoken about start up from the ramparts of the Red Fort and today we are seeing what this is about," the prime minister said."We are here so that you can tell us what we should not do," he said.

"Ideas are many but some leave the idea halfway while the others become very involved with the idea," PM Modi said.

"My government is committed to boost innovation in the country," Modi said.

"Today Kuber has become Uber. Entrepreneurs are creative but also adventurous and risk-takers," the prime minister said explaining what's essential for start-ups to succeed. "There is an energy from within and there are dreams that you have dedicated yourself to."

"Minimum government, maximum governance is key to the success of Startup India. Start-ups are driven by the passion to find solutions and innovate," he said. "An entrepreneur is willing to lose his sleep to solve the problems of others."

"Solution to all problems has become an App. And I have benefited greatly from this...I also have the 'Narendra Modi App'," PM Modi said amid applause. "Share your stories with me on the 'Narendra Modi Mobile App'."

"This start up movement is not merely guided by money or name and fame. The purpose is beyond that," the prime minister said stressing that money is secondary.

"When we say Make in India we also say 'Make for India.' India is a great market," he said.

"Start-up doesn't mean that a person is dealing with a billion dollar job employing 2,000 people. If one can employ five people he or she is contributing enough to the nation," the prime minister said.

"Quality education is important and it is very crucial to take this quality education to poorest of the poor. Technology is impacting the health sector but the question for us is how to make it affordable," PM Modi said.

"When I go abroad or delegations come here they always express concern about cyber security. If India can provide with a foolproof cyber security solution no one in the world can raise finger against India. When I say Startup India, it is implicit that I say stand up India. India is blessed to be a nation of youngsters. Yes, there are millions of problems in India. But it also has a billion minds," the prime minister said.

18:19 (IST)

A new tax regime for startups, says Jaitley

Addressing the gathering ahead of Prime Minister Narendra Modi, Union Finance Minister said that today is an important day as it marks an important change in the mindsets of India.

"Firms that were on top pre-1991 were replaced by firms that were start ups," said Jaitley.

"We lived in an era where surnames mattered, today they don't," the finance minister said.

In an unregulated environment, it's survival of the fittest that matters,"Jaitley said.

16:42 (IST)

Will join the programme to commence the #StartupIndia movement this evening. Looking forward to interacting with start-up entrepreneurs.

Intending to provide a major boost to the India's start-up world, the government on Saturday said the country will finally come out of the conventional license raj system and act as a key facilitator for the entrepreneurial spirit in the country.

Prime Minister Narendra Modi. PTI

Earlier today, Finance Minister Arun Jaitley at the launch of the start-up event said although India ended the licence raj in 1991 with the economic liberalisation, the government continued to exercise control over many key areas, which throttled the startups and entrepreneur spirit in the country.

For the start-ups looking to raise funds at the initial stage, Jaitley said the government will in the next Budget scrap the tax on seed funding by angel investors, which has been identified as a major impediment for entrepreneurs to get domestic funds.

He also said the government and the Reserve Bank of India will over the next few months add to banks' ability to lend.